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The number of consumer and business insolvencies across Canada totalled 14,418 in June, a 7.1 per cent increase from May's level.
The Office of the Superintendent of Bankruptcy Canada reported Tuesday that bankruptcies and proposals to creditors were both higher on a monthly basis during the month.
A "proposal to creditors" occurs when a negotiated payment plan is offered to creditors as an alternative to the formalized bankruptcy process. Bankruptcies were 4.3 per cent higher, while proposals increased by 14 per cent.
The June insolvency figure has been higher than May's in only three of the last 10 years, suggesting the month is not a typically popular one for the procedure.
Despite the monthly gain, the total number of insolvencies in June 2010 was 14.4 per cent lower than the total number of insolvencies in June 2009.
Within that, consumer insolvencies have decreased by 13.7 per cent while business insolvencies have decreased by 28.9 per cent.
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